Nigeria In One Minute
Tightening noose against policy riggers of ‘41 items’
It is not going to be a journey as usual for banks, companies and individual operators behind activities aimed at undermining the extant policy on the 41 items banned from accessing foreign exchange at the official window, as it is now declared economic sabotage.
For the apex bank, beside the immediate prosecution, which is being finalised in collaboration with the Economic and Financial Crimes Commission (EFCC), culprits would not be banked by any financial institution in the country for unspecified period.
Meanwhile, a mix of inadequate infrastructure base and time lag needed for investments in capital items to mature, has remained a setback to the quest to raise the nation’s productive capacity, which is expected to reduce the huge import dependence and increase domestic growth.
Besides, the long entrenched attitude of importing virtually everything, despite the assessed capacity to produce locally, has continued to affect the productive base of the country, which currently, is being corrected with several monetary policy decisions.
The Guardian, December 3, 2018
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
INVESTIGATION: In Kwara, multimillion-naira milk processing plant is abandoned, converted to a chicken outlet
After the government spent millions of naira to establish a milk processing plant in Kwara State that would provided jobs...
SPECIAL REPORT: For Sokoto communities, promise of healthcare is akin to death sentence
In this story, ABDULRASHEED HAMMAD delves into the dire realities of Primary Health Care services in Sokoto State, shedding light...
ICYMI…SPECIAL REPORT: NNPCL hides behind PIA to frustrate disclosure, accountability
Nigeria’s major oil company, Nigerian National Petroleum Corporation Limited (NNPCL), in what appears to be a common practice of disregard...
INVESTIGATION: Multi-million naira Ekiti resort center remains uncompleted a decade after
The multimillion-naira project, expected to comprise recreational buildings, now consists of cassava farmland, a bush used for excretion, and a...
SPECIAL REPORT: Torturous experiences of students with disabilities in Oyo tertiary institutions
For students with disabilities in Oyo state-owned tertiary institutions, learning is a torturous and distressing experience, considering the building structures...